Synopsys Announces Planned Retirement of CFO Trac Pham

Rhea-AI Summary

Synopsys (Nasdaq: SNPS) announced that CFO Trac Pham will retire in 2022 after 15 years with the company, serving as CFO since 2014. His leadership has contributed to significant margin and EPS growth while ensuring investments for revenue growth. A search for his successor will commence to ensure a smooth transition. Pham expressed a deep connection to the company and confidence in its future success, prioritizing family time. The press release also highlights risks associated with the management transition and maintaining growth momentum.

Positive

• CFO Trac Pham's tenure saw significant margin and EPS growth.
• The company is well-positioned for future success.

Negative

• Risks include finding a suitable CFO replacement in a timely manner.
• Transition risks may impact continuity in financial strategy and performance.

MOUNTAIN VIEW, Calif., Dec. 1, 2021 /PRNewswire/ -- Synopsys, Inc. (Nasdaq: SNPS) today announced that Trac Pham, chief financial officer, intends to retire in 2022. To ensure an orderly transition, Pham will remain in his current role until a successor is in place. Synopsys will initiate a comprehensive search to identify a replacement.

"Trac has made excellent contributions throughout his 15 years at Synopsys, most recently as CFO since 2014," said Aart de Geus, chairman and co-CEO. "As CFO, he was instrumental in driving our company's transformation – accelerating margin and EPS growth while ensuring sufficient investments to best serve our customers and accelerate revenue growth. While we will miss his insights, leadership and teamplay, I congratulate him on a successful career and wish him well in the next phase of his life."

"It has been a privilege to serve as Synopsys' CFO and to work with Aart, Chi-Foon, and our team to support the enduring success of Synopsys," said Trac Pham. "I have a deep affection for our company and team, and this experience has been an important part of my life. Knowing that Synopsys is strongly positioned and poised for more success gives me the comfort and flexibility to prioritize my desire to spend more time with my family. I am looking forward to the next phase of life and will work with our leadership team to ensure a smooth transition."

About Synopsys

Synopsys, Inc. (Nasdaq: SNPS) is the Silicon to Software™ partner for innovative companies developing the electronic products and software applications we rely on every day. As an S&P 500 company, Synopsys has a long history of being a global leader in electronic design automation (EDA) and semiconductor IP and offers the industry's broadest portfolio of application security testing tools and services. Whether you're a system-on-chip (SoC) designer creating advanced semiconductors, or a software developer writing more secure, high-quality code, Synopsys has the solutions needed to deliver innovative products. Learn more at www.synopsys.com.      

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements, including statements related to Synopsys' accelerating revenue, margin and EPS growth, and management transition plans. Forward-looking statements are subject to both known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, but are not limited to, the ability to hire a qualified candidate in a timely manner or at all, the ability to successfully transition the roles and responsibilities of Synopsys' chief financial officer to a successor, the ability for the successor to continue driving Synopsys' business and financial objectives, and the other risks and uncertainties set forth in the risk factors section of Synopsys' most recently filed Quarterly Report on Form 10-Q. Synopsys assumes no obligation to update any forward-looking statement contained in this press release.

Editorial Contact:                                                                
Simone Souza
Synopsys, Inc.
650-584-6454
simone@synopsys.com

Investor Contact:
Lisa L. Ewbank
Synopsys, Inc.
650-584-1901
Synopsys-ir@synopsys.com

 

View original content:https://www.prnewswire.com/news-releases/synopsys-announces-planned-retirement-of-cfo-trac-pham-301435593.html

SOURCE Synopsys, Inc.

FAQ

What announcement did Synopsys make regarding its CFO on December 1, 2021?

Synopsys announced that CFO Trac Pham plans to retire in 2022 and a search for his successor will begin.

How long has Trac Pham served as CFO of Synopsys?

Trac Pham has served as CFO of Synopsys since 2014, totaling 15 years with the company.

What have been Trac Pham's contributions to Synopsys during his tenure?

Pham has been instrumental in driving margin and EPS growth while ensuring investments for revenue growth.

What risks are associated with Trac Pham's retirement as CFO for Synopsys?

There are risks related to the timely hiring of a qualified successor and potential impacts on the company's financial strategy.